North Carolina Down Payment Assistance Programs

Online Payments - These systems will be the Mortgage Credit Certificate and the Down Payment Assistance Program.

You also buy a property between January 1, 2009 and December 1, 2009 and should you meet the requirements for one of these programs, you can ALSO qualify for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? A first-time Home Buyer is someone who has not owned a home in the previous three years. Here is exactly the same qualifying definition.

All home owners can claim an itemized deduction. The MCC takes this a step farther. An MCC “reduces your tax liability predicated on a portion of the mortgage interest which you pay.

If you are eligible for the MCC, you'll be able to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. It's possible for you to save up to $2,000 on your taxes.

You'll be able to unite this, should you qualify for 2009. This could reduce a buyer's tax liability by $10,000.

Who qualifies for an MCC is based on the cost of the property as well as your income you're buying. Household income means the “gross income of the mortgagor and every other man expected to live in the home who's 18 years of age or older.”

The income and house price limits that apply in Durham, Orange and Chatham Counties are listed below.

MCC Income Limits 1 Person $61,500 2 Men $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Price Limitations New Home $220,000 Existing Dwelling $210,000

Who Qualifies for Down Payment Assistance?

The customer just has to pay $1,000 of their own funds and the load would pay up to .

This plan has stricter income limitations than the MCC program summarized above. Like the MCC program, it might be used together with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit assistance, however, cannot be employed in combination with all the MCC. That is an either or scenario.

The income and house price limitations that apply in Orange, Durham and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Support Sales Cost Limits New Dwelling $210,000 Existing House $210,000